&026
0636 %LW +LJK6SHHG /RZ 3RZHU
$QDORJWR'LJLWDO &RQYHUWHU ZLWK 3RZHU 'RZQ
)($785(6
N %LW 5HVROXWLRQ
N 6DPSOLQJ 5DWH WR 0+]
N /RZ 3RZHU P: W\S H[FOXGLQJ UHIHUHQFH
N 3RZHU 'RZQ 0RGH 2$ W\S
N '1/ /6% ,1/ /6% W\S
N ,QWHUQDO 6+ )XQFWLRQ
N 6LQJOH 6XSSO\ 9
N 9
,1
5DQJH 9 WR 9
''
N 9
5()
5DQJH 9 WR 9
''
N /DWFK8S )UHH
N (6' 3URWHFWLRQ 9 0LQLPXP
N 6WDWH 'LJLWDO 2XWSXWV
N 0RQRWRQLF 1R 0LVVLQJ &RGHV
N 3LQ 3DFNDJH $YDLODEOH 03
N 9 9HUVLRQ 03/
N ,PSURYHG 9HUVLRQ RI 03
$33/,&$7,216
N :LUHOHVV &RPPXQLFDWLRQV
N 'LJLWDO &HOOXODU 7HOHSKRQHV
N 7HOHFRPPXQLFDWLRQV
N &&'V DQG 6FDQQHUV
N 9LGHR %RDUGV
N 'LJLWDO &RORU &RSLHUV
N %DWWHU\ 3RZHUHG 'HYLFHV
0DUFK
03
5HY
(;$5 &RUSRUDWLRQ .DWR 5RDG )UHPRQW &$ < <
.
*(1(5$/ '(6&5,37,21
7KH 03 LV DQ ELW $QDORJWR'LJLWDO &RQYHUWHU
GHVLJQHG IRU KLJK VSHHG GLJLWL]LQJ DSSOLFDWLRQV UHTXLULQJ
ORZ SRZHU 7KH 03 RIIHUV H[FHSWLRQDO SHUIRUPDQFH
IOH[LEOH LQSXW DUFKLWHFWXUH ORZ SRZHU FRQVXPSWLRQ SRZHU
GRZQ FDSDELOLW\ ODWFKXS WROHUDQW RSHUDWLRQ DQG LV
PDQXIDFWXUHG XVLQJ DQ DGYDQFHG YROW &026 SURFHVV
7KLV GHYLFH XVHV D WZRVWHS IODVK DUFKLWHFWXUH WR PDLQWDLQ
ORZ SRZHU FRQVXPSWLRQ DW KLJK FRQYHUVLRQ UDWHV 7KH
LQSXW FLUFXLWU\ RI WKH 03 LQFOXGHV DQ RQFKLS 6+
IXQFWLRQ ZKLFK DOORZV WKH XVHU WR GLJLWL]H DQDORJ LQSXW
VLJQDOV EHWZHHQ *1' DQG 9
''
&DUHIXO GHVLJQ DQG FKLS
OD\RXW KDYH DFKLHYHG D ORZ DQDORJ LQSXW FDSDFLWDQFH
7KLV UHGXFHV NLFNEDFN DQG HDVHV WKH UHTXLUHPHQWV RI
WKH EXIIHUDPSOLILHU XVHG WR GULYH WKH 03
7KH GHVLJQHU FDQ FKRRVH WKH LQWHUQDOO\ JHQHUDWHG
UHIHUHQFH YROWDJHV E\ FRQQHFWLQJ 9
5%
WR 9
5%6
DQG 9
57
WR
9
576
RU SURYLGH H[WHUQDO UHIHUHQFH YROWDJHV WR WKH 9
5%
DQG 9
57
SLQV 7KH LQWHUQDO UHIHUHQFH JHQHUDWHV 9 DW
9
5%
DQG 9 DW 9
57
3URYLGLQJ H[WHUQDO UHIHUHQFH
YROWDJHV DOORZV HDV\ LQWHUIDFH WR DQ\ LQSXW VLJQDO UDQJH
EHWZHHQ *1' DQG 9
''
7KLV DOVR DOORZV WKH V\VWHP WR
DGMXVW WKHVH YROWDJHV WR FDQFHO ]HUR VFDOH DQG IXOO VFDOH
HUURUV RU WR FKDQJH WKH LQSXW UDQJH DV QHHGHG
:KHQ ERDUG VSDFH LV DW D SUHPLXP GHVLJQHUV PD\ SUHIHU
WR XVH WKH 03 ZKLFK LV DYDLODEOH LQ D SLQ SDFNDJH
7KH GHYLFH RSHUDWHV IURP D VLQJOH YROW VXSSO\ 3RZHU
FRQVXPSWLRQ LV P: W\S DW )
6
0+] 3RZHU
GRZQ LV DFFRPSOLVKHG E\ GURSSLQJ 9
57
EHORZ 9
6SHFLILHG IRU RSHUDWLRQ RYHU WKH FRPPHUFLDO LQGXVWULDO
WR G& WHPSHUDWXUH UDQJH WKH 03 LV
DYDLODEOH LQ VXUIDFH PRXQW 62,& LQ -HGHF DQG (,$-
VKULQN VPDOO RXWOLQH 6623 DQG SODVWLF GXDOLQOLQH
3',3 SDFNDJHV
6,03/,),(' %/2&. $1' 7,0,1* ',$*5$0
06%
&RPSDUDWRUV
/6%
&RPSDUDWRUV
/DWFK
/DWFK
(QFRGHU
(UURU
&RUUHFWLRQ
))
6+
&ORFN /RJLF
'*1'
'% 06%
'% /6%
2(
&/.
9
5%6
9
5%
9
57
9
576
$9
''
'9
''
$*1'
$9
''
9
,1
1
&/.
'%
'%
6DPSOH
$9
''
'9
''
$*1' $*1'
'*1'
$9
''
$*1'
3LSHOLQH 'HOD\
03
#0;
25'(5,1* ,1)250$7,21
3DFNDJH
7\SH
7HPSHUDWXUH
5DQJH
3DUW 1R
62,& (,$-
WR
G
&
03$5
3ODVWLF 'LS
WR
G
&
03$1
62,& -HGHF
WR
G
&
03$6
6623
WR
G
&
03$4
3,1 &21),*85$7,216
3LQ 3',3
'% /6%
'%
'%
'%
'%
'%
'%
'% 06%
&/.
'*1'
'9
''
'*1'
9
5%
9
5%6
$*1'
$*1'
9
,1
$9
''
9
57
9
576
$9
''
$9
''
'9
''
3LQ 62,& (,$-
3LQ 62,& -HGHF
3LQ 6623
2(
'*1'
9
5%
9
5%6
$*1'
$*1'
9
,1
$9
''
9
57
9
576
$9
''
$9
''
'9
''
'% /6%
'%
'%
'%
'%
'%
'%
'% 06%
&/.
'*1'
'9
''
2(
6HH 3DFNDJLQJ 6HFWLRQ IRU 3DFNDJH 'LPHQVLRQV
3,1 287 '(),1,7,216
2(
2XWSXW (QDEOH
'*1'
*URXQG RXWSXWV
'%
'DWD 2XWSXW %LW /6%
'%
'DWD 2XWSXW %LW
'%
'DWD 2XWSXW %LW
'%
'DWD 2XWSXW %LW
'%
'DWD 2XWSXW %LW
'%
'DWD 2XWSXW %LW
'%
'DWD 2XWSXW %LW
'%
'DWD 2XWSXW %LW 06%
'9
''
3RZHU 6XSSO\ RXWSXWV
&/.
6DPSOLQJ &ORFN ,QSXW
3,1 12
1$0(
'(6&5,37,21
'9
''
'LJLWDO 3RZHU 6XSSO\
$9
''
3RZHU 6XSSO\
$9
''
3RZHU 6XSSO\
9
576
*HQHUDWHV 9 LI WLHG WR 9
#%
9
57
7RS 5HIHUHQFH
$9
''
3RZHU 6XSSO\
9
,1
$QDORJ ,QSXW
$*1'
*URXQG
$*1'
*URXQG
9
5%6
*HQHUDWHV 9 LI WLHG WR 9
#
9
5%
%RWWRP 5HIHUHQFH
'*1'
*URXQG
3,1 12
1$0(
'(6&5,37,21
03
#0;
(/(&75,&$/ &+$5$&7(5,67,&6 7$%/(
8QOHVV 2WKHUZLVH 6SHFLILHG $9
''
'9
''
9 )6 0+] 'XW\ &\FOH
9
57
9 9
5%
9 7
$
G&
G
&
3DUDPHWHU
6\PERO
0LQ
7\S
0D[
8QLWV
7HVW &RQGLWLRQV&RPPHQWV
.(< )($785(6
5HVROXWLRQ
%LWV
0D[LPXP 6DPSOLQJ 5DWH
)6
0+]
$&&85$&<
'LIIHUHQWLDO 1RQ/LQHDULW\
'1/
F
F
/6%
,QWHJUDO 1RQ/LQHDULW\
,1/
F
/6%
%HVW )LW /LQH
0D[ ,1/ 0LQ ,1/
=HUR 6FDOH (UURU
(=6
F
/6%
)XOO 6FDOH (UURU
()6
F
/6%
5()(5(1&( 92/7$*(6
3RVLWLYH 5HI 9ROWDJH
9
57
$9
''
9
1HJDWLYH 5HI 9ROWDJH
9
5%
$*1'
9
'LIIHUHQWLDO 5HI 9ROWDJH
9
5()
$9
''
9
9
5()
9
57
9
5%
/DGGHU 5HVLVWDQFH
5
/
:
/DGGHU 7HPS &RHIILFLHQW
5
7&2
SSPGG&
6HOI %LDV
9
5%
9
6KRUW 9
5%
WR 9
5%6
DQG 9
57
WR 9
576
9
5()
9
6KRUW 9
5%
WR 9
5%6
DQG 9
57
WR 9
576
6HOI %LDV
9
57
9
9
5%
$*1' 6KRUW 9
57
DQG 9
576
$1$/2* ,1387
%DQGZLGWK G%
%:
0+]
,QSXW 9ROWDJH 5DQJH
9
,1
$9
''
9
,QSXW &DSDFLWDQFH 6DPSOH
&
,1
S)
&ORFN +LJK
,QSXW &DSDFLWDQFH &RQYHUW
&
,1
S)
&ORFN /RZ
$SHUWXUH 'HOD\
W
$3
QV
$SHUWXUH -LWWHU
W
$-
SV
'<1$0,& 3(5)250$1&(
)
,1
0+]
6LJQDO WR 1RLVH 5DWLR
615
G%
6LJQDO WR 1RLVH SOXV 'LVWRUWLRQ
6,1$'
G%
+DUPRQLF 'LVWRUWLRQ
7+'
G%
(IIHFWLYH 1R RI %LWV
(12%
%LWV
',*,7$/ ,13876
/RJLFDO 9ROWDJH
9
,+
9
/RJLFDO 9ROWDJH
9
,/
9
'& /HDNDJH &XUUHQWV
,
,1
9
,1
'*1' WR '9
''
&/.
P$
2(
P$
,QSXW &DSDFLWDQFH
S)
&ORFN 7LPLQJ 6HH )LJXUH
&ORFN 3HULRG
)6
QV
)RU 6SHFLILHG 3HUIRUPDQFH
+LJK 3XOVH :LGWK
W
3:+
QV
)RU 6SHFLILHG 3HUIRUPDQFH
/RZ 3XOVH :LGWK
W
3:/
QV
)RU 6SHFLILHG 3HUIRUPDQFH
03
#0;
(/(&75,&$/ &+$5$&7(5,67,&6 7$%/( &217'
G
&
7PLQ WR 7PD[
3DUDPHWHU
6\PERO
0LQ
7\S
0D[
0LQ
0D[
8QLWV
7HVW &RQGLWLRQV&RPPHQWV
',*,7$/ 2873876
&
287
S)
/RJLFDO 9ROWDJH
9
2+
9
,
/2$'
P$
/RJLFDO 9ROWDJH
9
2/
9
,
/2$'
P$
VWDWH /HDNDJH
,
2=
2$
9
287
*1' WR '9
''
'DWD 9DOLG 'HOD\
W
'/
QV
'DWD (QDEOH 'HOD\
W
'(1
QV
'DWD VWDWH 'HOD\
W
'+=
QV
3LSHOLQH 'HOD\
FORFN
&RQVWDQW UHODWLRQVKLS EHWZHHQ
F\FOHV
FORFN DQG RXWSXW
32:(5 6833/,(6
2SHUDWLQJ 9ROWDJH $9
''
'9
''
9
''
9
&XUUHQW $9
''
'9
''
,
''
P$
'RHV QRW LQFOXGH UHI FXUUHQW
32:(5 '2:1
3RZHU 'RZQ 3RLQW
9
573'
9
&KLS JRHV WR SRZHU GRZQ PRGH
3RZHU 8S 3RLQW
9
ZKHQ 9
57
9
3RZHU 'RZQ &XUUHQW
,
''3'
2$
'RHV QRW LQFOXGH UHI FXUUHQW
3RZHU &RQWURO 'HOD\
3''
QV
9
57
# o
o 9
1RWHV
7HVWHU PHDVXUHV FRGH WUDQVLWLRQV E\ GLWKHULQJ WKH YROWDJH RI WKH DQDORJ LQSXW 9
,1
7KH GLIIHUHQFH EHWZHHQ WKH PHDVXUHG DQG WKH
LGHDO FRGH ZLGWK 9
5()
LV WKH '1/ HUURU )LJXUH 7KH ,1/ HUURU LV WKH PD[LPXP GLVWDQFH LQ /6%V IURP WKH EHVW ILW OLQH WR
DQ\ WUDQVLWLRQ YROWDJH )LJXUH $FFXUDF\ LV D IXQFWLRQ RI WKH VDPSOLQJ UDWH )6
*XDUDQWHHG 1RW WHVWHG
6SHFLILHG YDOXHV JXDUDQWHH IXQFWLRQDOLW\ 5HIHU WR RWKHU SDUDPHWHUV IRU DFFXUDF\
7KH EDQGZLGWK UHSUHVHQWV WKH JDLQ RI WKH $'& DQG GRHV QRW LPSO\ DFFXUDF\
6HH 9
,1
LQSXW HTXLYDOHQW FLUFXLW )LJXUH 6ZLWFKHG FDSDFLWRU DQDORJ LQSXW UHTXLUHV GULYHU ZLWK ORZ RXWSXW UHVLVWDQFH
$OO LQSXWV KDYH GLRGHV WR 9
''
DQG *1' ,QSXW '& FXUUHQWV ZLOO QRW H[FHHG VSHFLILHG OLPLWV IRU DQ\ LQSXW YROWDJH EHWZHHQ
*1' DQG 9
''
W
5
W
)
VKRXOG EH OLPLWHG WR ! QV IRU EHVW UHVXOWV
'HSHQGV RQ WKH 5& ORDG FRQQHFWHG WR WKH RXWSXW SLQ
$*1' DQG '*1' SLQV DUH FRQQHFWHG WKURXJK WKH VLOLFRQ VXEVWUDWH &RQQHFW WRJHWKHU DW WKH SDFNDJH DQG WR WKH DQDORJ JURXQG SODQH
6SHFLILFDWLRQV DUH VXEMHFW WR FKDQJH ZLWKRXW QRWLFH
$%62/87( 0$;,080 5$7,1*6 7
G
& XQOHVV RWKHUZLVH QRWHG
9
''
WR *1'
9
9
57
9
5%
9
''
WR *1' 9
9
,1
9
''
WR *1' 9
$OO ,QSXWV
9
''
WR *1' 9
$OO 2XWSXWV
9
''
WR *1' 9
6WRUDJH 7HPSHUDWXUH
WR
G
&
/HDG 7HPSHUDWXUH 6ROGHULQJ VHFRQGV
G
&
0D[LPXP -XQFWLRQ 7HPSHUDWXUH
G
&
3DFNDJH 3RZHU 'LVVLSDWLRQ 5DWLQJ #
G
&
62,& 3',3 6623
P:
'HUDWHV DERYH
G
&
P:GG&
1RWHV
6WUHVVHV DERYH WKRVH OLVWHG XQGHU $EVROXWH 0D[LPXP 5DWLQJV PD\ FDXVH SHUPDQHQW GDPDJH WR WKH GHYLFH 7KLV LV D
VWUHVV UDWLQJ RQO\ DQG IXQFWLRQDO RSHUDWLRQ DW RU DERYH WKLV VSHFLILFDWLRQ LV QRW LPSOLHG ([SRVXUH WR PD[LPXP UDWLQJ
FRQGLWLRQV IRU H[WHQGHG SHULRGV PD\ DIIHFW GHYLFH UHOLDELOLW\
$Q\ LQSXW SLQ ZKLFK FDQ VHH D YDOXH RXWVLGH WKH DEVROXWH PD[LPXP UDWLQJV VKRXOG EH SURWHFWHG E\ 6FKRWWN\ GLRGH FODPSV
+3 IURP LQSXW SLQ WR WKH VXSSOLHV $OO LQSXWV KDYH SURWHFWLRQ GLRGHV ZKLFK ZLOO SURWHFW WKH GHYLFH IURP VKRUW
WUDQVLHQWV RXWVLGH WKH VXSSOLHV RI OHVV WKDQ P$ IRU OHVV WKDQ
2
V
9
UHIHUV WR $9
DQG '9
*1' UHIHUV WR $*1' DQG '*1'
03
5HY
7+(25< 2) 23(5$7,21
$QDORJ WR 'LJLWDO &RQYHUVLRQ
7KH 03 XVHV D WZR VWHS VXEUDQJLQJ DUFKLWHFWXUH WR
FRQYHUW DQDORJ YROWDJHV LQWR GLJLWDO FRGHV
$ IXOO FRQYHUVLRQ VDPSOLQJ 9
,1
FRQYHUWLQJ 06% /6% DQG
SHUIRUPLQJ DQ\ HUURU FRUUHFWLRQ UHTXLUHV IRXU FORFN F\FOHV WR
FRPSOHWH VHH )LJXUH 7KH SLSHOLQHG DUFKLWHFWXUH DOORZV WKH
FKLS WR PDLQWDLQ D RQH FRQYHUVLRQ SHU F\FOH VDPSOH UDWH 'LJLWDO
ORJLF FRPELQHV WKH 06% DQG /6% GDWD DQG SHUIRUPV HUURU
FRUUHFWLRQ WR SURGXFH ELW RXWSXW FRGHV
,QWHUQDO 5HIHUHQFH %LDV
7KH 03 LQFOXGHV WZR RQFKLS UHVLVWRUV WKDW FDQ EH XVHG
WR ELDV WKH UHIHUHQFH ODGGHU ZLWKRXW H[WHUQDO FLUFXLWU\ 7KHVH WZR
UHVLVWRUV DUH GHVLJQHG WR WUDFN WKH UHIHUHQFH ODGGHU DQG DUH
XVHG WR FUHDWH D YROWDJH GLYLGHU EHWZHHQ WKH VXSSOLHV $9
''
DQG
$*1'
7R XVH WKLV IHDWXUH VLPSO\ FRQQHFW 9
57
WR 9
576
DQG FRQQHFW
9
5%
WR 9
5%6
7KLV ZLOO QRPLQDOO\ JHQHUDWH
$9
''
[ DW 9
5%
DQG
$9
''
[ DW 9
57
7KLV ZLOO JHQHUDWH 9 DW 9
5%
DQG 9 DW 9
57
)LJXUH
%\SDVV FDSDFLWRUV RQ 9
57
DQG 9
5%
DUH VXJJHVWHG WR VWDELOL]H
WKH ODGGHU
,I WKH LQWHUQDO UHIHUHQFH SLQV 9
576
DQGRU 9
5%6
DUH QRW XVHG
WKH\ VKRXOG EH OHIW XQFRQQHFWHG
$9
''
[ 5
/
5
/
[ 5
/
9
576
9
57
9
5%
9
5%6
$*1'
)LJXUH ,QWHUQDO 5HIHUHQFH %LDV
7UDQVIHU &KDUDFWHULVWLFV
7KH LGHDO $'& LV D OLQHDU EXLOGLQJ EORFN WKDW KDV LQILQLWH
EDQGZLGWK DQG QR SKDVH GLVWRUWLRQ $ UHDO $'& KRZHYHU
H[KLELWV ILQLWH EDQGZLGWK DQG QRQFRQVWDQW JURXS GHOD\
FKDUDFWHULVWLFV DV ZHOO DV QRQOLQHDU EHKDYLRU GXH WR WKH
QRQ]HUR ,1/ FKDUDFWHULVWLF :KHQ PRGHOLQJ WKH $'& DV D
OLQHDU HOHPHQW DQG D TXDQWL]HU WKH FLUFXLW VKRZQ LQ )LJXUH FDQ
EH XVHG LQ RUGHU WR UHSUHVHQW WKH $'&V EDQGZLGWK
)LJXUH ,QSXW (TXLYDOHQW &LUFXLW
9
,1
$*1'
S)
S)
S)
:
:
&
/.
&
/.
9
57
9
5%
&
/.
6DPSOH DQG +ROG 7LPLQJ
7KH $'&V LQWHUQDO VDPSOH DQG KROG WUDFNV WKH LQSXW VLJQDO
ZKHQ &/. LV KLJK $IWHU D GHOD\ RI W
$3
IURP WKH IDOOLQJ FORFN HGJH
WKH DQDORJ VLJQDO LV VDPSOHG DQG KHOG IRU FRQYHUVLRQ DV VHHQ LQ
)LJXUH
&/.
)LJXUH 6DPSOH DQG +ROG 7LPLQJ
QV
7UDFN
+ROG
7UDFN
+ROG
W
$3
6+
6DPSOH
9
,1
2XWSXW (QDEOH 2(
7KH 2( SLQ FRQWUROV WKH VWDWH RI WKH GLJLWDO RXWSXW GULYHUV
:KHQ IRUFHG ORZ WKH GULYHUV DUH DFWLYH :KHQ SXOOHG KLJK WKH
GULYHUV DUH VWDWHG 3OHDVH QRWH WKDW WKH 2( SLQ RQO\ FRQWUROV
WKH RXWSXW GULYHUV WKH UHVW RI WKH FKLS LV VWLOO DFWLYH 7KHUHIRUH LI
WKH FORFN LV UXQQLQJ WKH LQWHUQDO UHJLVWHUV DUH XSGDWHG HYHQ LI WKH
GLJLWDO RXWSXWV DUH VWDWHG )LJXUH
+LJK
,PSHGDQFH
2(
W
'+=
W
'(1
'$7$
)LJXUH 2XWSXW (QDEOH'LVDEOH 7LPLQJ 'LDJUDP
3RZHU 'RZQ 0RGH
)RU V\VWHPV WKDW DUH EDWWHU\ SRZHUHG WKH 03 KDV D
SRZHU GRZQ IHDWXUH WR KHOS H[WHQG EDWWHU\ OLIH :KHQ WKH
YROWDJH DW WKH 9
57
SLQ GURSV EHORZ 9 WKH FKLS JRHV LQWR
SRZHU GRZQ PRGH ,Q WKLV VWDWH FRQYHUVLRQV DUH KDOWHG WKH
RXWSXWV DUH VWDWHG DQG ,
''
GURSV WR OHVV WKDQ 2$ 7KHQ
ZKHQ WKH YROWDJH DW WKH 9
57
SLQ ULVHV DERYH 9 WKH FKLS ZLOO
SRZHU XS 1RWH WKDW DIWHU SRZHU XS IRXU FORFN F\FOHV DUH
UHTXLUHG WR JHW YDOLG GDWD DW WKH GLJLWDO RXWSXWV VHH )LJXUH
2QH ZD\ WR DFKLHYH SRZHU GRZQ LV WR GLVFRQQHFW RU GLVDEOH WKH
EXIIHUDPS GULYLQJ 9
57
DQG OHW WKH LQWHUQDO UHIHUHQFH UHVLVWDQFH
SXOO 9
57
GRZQ 5HPHPEHU DQ\ E\SDVV FDSDFLWRUV DW 9
57
ZLOO
LQFUHDVH WKH WLPH IRU 9
57
WR GURS EHORZ 9
PDF 
ZIP